NYC Coin trading is now live as it hit the market earlier this week and is now available to purchase on the OKCoin exchange. Like Miami Coin both are City Coins that generate revenue for their respective metro areas. Looking at the charts, I was ready to trade the introduction of NYC Coin by taking some hints from the rollout of Miami Coin. Upon further review, I’m going to discuss a few quick reasons why NYC Coin won’t follow the same track as MIA.
NYC Coin already has diverted more than $20 million into a custodial wallet for the city (these funds accrued during the mining stage). Just as Miami Mayor Francis Suarez has access to the Miami Coin City Custodial Wallet, so does NYC Mayor Eric Adams. Both run on City Coins and are part of the Stacks ecosystem. While both coins have many similarities, one of them will not be how they traded in their first week. Here are two reasons why:
The Crypto Market in January of 2022 vs. August of 2021
Miami Coin was released on August 26, 2021. During that time, the market was beginning to bounce back from its May through July doldrums. After falling off hard from its mid-April highs, the crypto markets were beginning to climb. Miami Coin made its debut during a month where the market was starting to come back.
January, 2022 has been a bloodbath for the crypto markets, which are trending downward since early December. New York City Coin has to fight against this macro trend in its first week.
Looking back at the Miami Coin charts, MIA enjoyed a nice pop over its first few days. With an introduction price of $0.006, the token quickly shot up to 5 cents before plummeting back toward $0.01, all within 2 days. Some chart analysts were thinking to grab some NYC at the outset, hold for a day or two (or until you see a 4-5x) and then sell. However, those hoping that NYC Coin would follow the same path have been disappointed as NYC Coin has remained in a range tightly hovering $0.01 since its rollout last night.
NYC Resident’s Can’t Purchase NYC Coin
City Coins allow investors to place bets on the future of each City Coin city. These investors are not bound by their physical location. In other words, someone who has never visited the Big Apple can place a bet on the continued economic growth of New York City through NYC Coin trading. However, those who stand to benefit most from NYC Coin, namely anyone living in the city of New York, is unable to invest in the NYC City Coin at this time. This unfortunately is due to the fact that New Yorkers have been restricted and can only purchase cryptocurrencies through Coinbase, Coinbase Pro or Gemini at this time. Since NYC Coin is only available on OKCoin, New Yorkers can’t even invest in their own coin! While anyone outside the Big Apple is free to download OKCoin and start purchasing and (soon enough) stacking NYC, these restrictions keep over 10 million eligible potential investors on the sidelines.
Can Anything Change in the Short Term?
Since yesterday, January 25th at 8:30 AM, NYC Coin has been trading in the $0.0085 range, with little fluctuation. Depending on how the Federal Reserve meeting goes tomorrow, the price may break out of that range. Should the Fed decide to stave off tapering for the time being, we may watch NYC break out and follow the path that Miami Coin established in its first few days a little more closely.
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-The Crypto Trend Analyst Team